Solana and SOL-Based Memecoins Surge Amid Market Upturn Following Trump Assassination Attempt
Solana (SOL) has seen a 3.8% increase over the past 24 hours as the market rallies following the failed attempt to assassinate former President Donald Trump. This event, which many believe strengthens Trump's presidential bid, has also led to a remarkable surge in Solana-based meme coins, which are outperforming SOL.
Among the meme coins launched on Pump.fun, Billy (BILLY) has soared 12% in the past day, while another pump.fun token, Michi (MICHI), has also seen impressive gains, jumping 36% over the last 24 hours. However, BILLY has so far solidified its position as the largest token created on the platform by market capitalization. At present, Billy boasts a market cap of $168 million, with Michi trailing in second place at $124 million.
Other Solana meme coins have also outperformed SOL. Popcat (POPCAT) has risen by 30%, reaching a market cap of $873 million. Additionally, Dogwifhat (WIF) has increased by 24%, and Bonk (BONK) is up 13%, indicating a broader trend of growth across the Solana meme coin market over the past 24 hours.
This rally follows the German government’s decision to liquidate its Bitcoin holdings, which concluded on Friday. The removal of this significant selling pressure helped the market begin its recovery over the weekend.
The failed assassination attempt on Trump, which appears to have bolstered his election prospects, further strengthened the rally. As Trump is seen as a pro-crypto candidate, his perceived electoral advantage has positively impacted the crypto markets.
